Yes! Sending it back to Ruger is by far the least expensive and the best results.
However they no longer anodize alloy parts like the grip frame ever since new production changed to powder coating alloy parts about 20 years ago. The baked on power coating is superior to anodizing and a much better match to the rest of the gun.
Polishing the alloy grip does not look good for long and oxidizes rapidly to a ugly dingy look.
My choice is replacing with blued or stainless steel grip frames. But not a new one! Much cheaper getting a used steel grip frame and is far less work, usually little fitting required because they’ve already been factory fitted to a gun. Stainless is easiest because any fitted areas only needs to be polished, no bluing to touch up.
If you send the gun to Ruger for a refinish you can request a steel grip frame replacement.
You can get the same size XR3-RED or my preference for the small frame .22 and .32, the Ruger original XR3 Colt size grip frame, currently installed on the New Vaqueros and Flattop Blackhawks.